At Summer, our mission always comes back to helping borrowers. Looking back at 2021, we are proud of the impact we’ve made in a year that was full of change. Read on for the highlights.
It's all thanks to you
By the numbers
$3.4
B
Total debt handled
That’s billions. This number represents thousands of individual borrowers, each with their own financial hopes and dreams.
$38.5
M
Total borrower savings
Our claim to fame? Savings. Think of this number as our scorecard, and we believe we’re doing quite well.
$2,238
Average annual borrower savings
Borrowers see meaningful savings, opening doors to life-enhancing areas like being able to afford a mortgage or build a family.
🌴 That’s a mortgage payment (or 248 piña coladas!)
$70,389
Average projected forgiveness
Public service borrowers are finally receiving the forgiveness they deserve, faster, with the limited PSLF waiver. Sweet, sweet forgiveness.
“2021 was a year of great uncertainty for student loan borrowers. I am proud of Summer for serving as a source of truth and a lifeline for so many people in need of repayment assistance. As we reflect on a year of change, we want to thank every borrower we've helped and our many partners for trusting us with their plans for a debt-free future. Looking ahead to 2022, we have set our sights on achieving $1 billion in loan savings for borrowers. Onward and upward!”
Will Sealy, CEO and Co-Founder
Borrower savings spotlight
Nicole W.
AFT Member, Ohio
Total Forgiveness
$148,967
🥳 We helped Nicole submit an updated employment certification form under the new limited Public Service Loan Forgiveness waiver.
"The Summer program has changed my life which means 'CREDIT' score by a whopping 70 points! Five more years of stress have been eliminated with the PSLF waiver! I am forever grateful, I have GREAT CREDIT now! Didn’t really see paying $145K+ off in this lifetime without winning the lottery."
Nicole W.
AFT Member, Ohio
Past Monthly Payments
$568
New Monthly Payments
$150
Total Forgiveness
$148,967
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"Tens of thousands of our members are using Summer, putting them on track to an average of $180/month and $57,000 in lifetime savings via income-driven repayment plans and Public Service Loan Forgiveness. Summer’s team has made launching this tool easy for everyone, and they are quick to collaborate with us on new creative solutions to help our members save money."
Alyssa Picard, Director, American Federation of Teachers
$37,000 forgiven for Meghan
$121,000 forgiven for Jody
$37,000 forgiven for Meghan
Scaling successes
128% borrower growth
The real reward of 2021? Seeing more borrowers, each with their own financial goals and stories, get the savings and forgiveness they deserve.
158% increase in submissions
With new borrowers come new form submissions. This year, Summer helped more borrowers cross the forgiveness finish line by making submissions simpler with technology and a human touch (namely, our Borrower Success team).
Our team grew and grew
What does it take to scale a team? A whole lot of coffee, a supportive environment and vibrant company culture. As the team grows, our commitment to borrowers is stronger than ever.
Greater integration options
After years of building a leading digital platform, this year marked an expansion into integrated options including an API suite and widgets. Tech talk aside, this means more possibilities for more organizations to unlock savings for those they serve.
Summer fun, all year round
A league of our own
😅 3 loan policy changes
🚀 4 new APIs
⚾️ 18 team events
🤔️️️ 134 perplexing acronyms
👏 Most common emoji
💻 1100+ commits to our codebase
From left to right, a few moments from the past year: A spectacular proposal in Paris, team excursion to see the Cyclones, celebration in Koreatown, holiday party, and Jane (the cat) overseeing all.
Ask a student loan expert:
Karishma's top tips
How should I plan for 2022?
Federal student loan payments resume in February, which means individuals and businesses should start plannning today. And for those navigating PSLF, the limited waiver period ends next October.
What’s the deal with spam calls lately?
My team hears about spam calls (and texts) daily! Send Summer a note to verify student loan calls that sound fishy and always contact your servicer directly.
How can I navigate loan servicer changes?
2021 was a major year for servicer closures, affecting millions of borrowers. Be sure to download all documentation related to your loans so you’re covered no matter what.
To borrowers, from borrowers
$10,000
$10,000
We're supporting the Thurgood Marshall College Fund this season
This year, instead of our usual holiday greeting, we're donating to a worthy cause. It's our way of giving back after another great year, and we couldn't have done it without our incredible partners and borrowers.
Help us help more borrowers save
Help us help more borrowers save
Interested in offering Summer as an employee benefit or integrating our technology into your product offering? We’re here for you! Schedule a no-obligation demo to learn more.
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